Volvo will have a bright future under Chinese automaker Geely once Ford completes the sale of its Swedish unit, Ford chief executive officer Alan Mulally said.

Mulally added that Geely's management were "great business people, they love the product and they're going to be a great owner for Volvo."

He also said Ford was not considering any other bidders but would not say when the deal would close.

"We don't give a specific date because these are very sophisticated conversations and we have to make sure that we have all of our support for Volvo lined up.

Ford would continue to invest in the Swedish brand until the day the deal was complete and will "support Volvo for as long as it takes", he said.